Cryptocurrency prices were observed to be enthusiastic on Monday (7/2/2022) Indonesian time, where the crypto market began to recover from its low zone at the end of last week.
Launching data from CoinMarketCap at 09:30 WIB, only Solana and Terra were slightly corrected this morning.
Solana fell 0.68% to a price level of US$ 114.35/coin or equivalent to Rp. 1,646,640/coin (assuming an exchange rate of Rp. 14,400/US$) and Terra fell 2.49% to US$ 55.41/coin or IDR 797,904.
While the rest were observed to be bright again this morning. Bitcoin rose 1.87% to a price level of US$ 42,375.85/coin or equivalent to Rp. 610,212,240/coin, Ethereum rose 0.22% to a level of US$ 3,031.46/coin or Rp.43,653,024/coin, and XRP jumped 5.14% to US$ 0.7071/coin (RP 10,182/coin).
Bitcoin which has started to return above the US$ 40,000 level occurred at the end of last week, where the largest market cap crypto managed to touch the US$ 41,000 level on Saturday.
Today, Bitcoin strengthened again and broke the level of the US$ 42,000 range. Bitcoin's market capitalization has almost touched $800 billion this morning.
Not only Bitcoin, other cryptocurrencies have also started to recover from their low levels at the end of last week, although this morning some cryptocurrencies tended to be slightly corrected again.
The recovery of the crypto market at the end of last week occurred amid comments from authorities who were quite skeptical about crypto assets.
On Monday (31/1/2022), launching Decrypt, the International Monetary Fund (IMF) Financial Advisor, Tobias Adrian, warned of 'cryptoization' or creeping crypto, the term he uses for crypto assets that are starting to 'cross' into the mainstream. finance.
Adrian also noted that Bitcoin is now showing a strong correlation with traditional financial markets.
"The correlation between crypto and the stock market has become a strong trend. Crypto is now very closely related to what happens in stocks. We can't just ignore it," explained Adrian.
That same day, JP Morgan sent a note to investors warning that Bitcoin is still too volatile for institutional adoption on a massive scale.